or

How Will WAs Respond to Cash Rate Increase?

The official cash rate rise announced by the RBA was not completely unexpected, but the big question is; how will lenders and consumers respond to the announcement?

In recent years, lenders have lifted rates outside the RBA official rate, and so far several lenders have already flagged the likelihood of increasing rates due to the impact of the cost of funding.

However, consumers are being encouraged to remember to always err on the side of caution and prepare for upwardly rising rates, to undertake periodic home loan health-checks and re-examine their home loan provider and product. Specifically, consumers can look at the range of fees and charges associated with their loan.

With so many lenders competing for your business, switching from one lender to another might be the right decision for some, however, it may not be the right answer for everyone. Consumers need to not only compare interest rates, but also flexibility of repayments, the levels of services offered by a lender and other features of the loan must be considered.